|04-15-2019 11:01 AM CET - Industry, Real Estate & Construction||
Growth in demand for industrial refrigeration systems in the FMCG industry majorly drives the growth of the market
Press release from: Allied Market Research
PR Agency: Allied Analytics
Industrial refrigeration and cooling systems are used to dissipate the heat from a low-temperature substance to a high-temperature substance. These systems are deployed in large freezing and refrigeration plants for various industrial applications. Thus, their demand is expected to increase across various industries such as refrigerated warehouses, food & beverage processing, cold storage, and others. However, Europe contributes to the highest revenue share in the global industrial refrigeration market and is projected to secure the leading position in the market during the forecast period.
The global industrial refrigeration market is expected to reach $14,525.69 million in 2024, from $10,127.57 million in 2017, growing at a CAGR of 5.40% from 2018 to 2024.
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The market players focus on developing new products to achieve high efficiency & performance. For instance, in March 2018, Carrier Transicold collaborated with Singamas Container Holdings Ltd. to develop PrimeLINE ONE, a new refrigerated shipping container.
Industrial refrigeration systems are used for cooling gigantic freezers and refrigeration plants that are used in food & beverage processing, cold storage, and others. The demand for industrial refrigeration systems has increased in the food & beverage processing and storage industries, as these systems prevent spoilage of perishable semi-processed foods & drinks. In addition, these systems provide controlled temperature conditions for food & beverage products to retain their freshness, taste, and prevent microbial contamination. These factors fuel the demand for refrigeration systems in the market. However, high energy cost for operations and maintenance of industrial refrigeration systems restrict the market growth.
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Industrial refrigeration systems are used for cooling gigantic freezers and refrigeration plants that are used in food & beverage processing, cold storage, and others. Europe has secured highest share in the industrial refrigeration market in past years and is expected to dominate the market during the forecast period, owing to increase in demand for industrial refrigeration systems in refrigerated warehouses and cold storage facilities in the food & beverage industry.
The industrial refrigeration market is projected to witness significant growth in Europe in the coming years, owing to increased demand for industrial refrigeration systems in refrigerated warehouses and cold storage facilities in the food & beverage industry, as the food & beverage sector exhibits an increase in demand, a strong manufacturing base, and rise in supply network in Europe. In addition, industrial refrigeration systems provide controlled temperature, which prevents the spoilage of semi-processed food products, as well as it retains the freshness and taste of processed food products.
Key players in the global industrial refrigeration market include Daikin Industries, Ltd., Emerson Electric Co., Evapco, Inc., GEA Group AG, Johnson Controls, Inc., Ingersoll Rand Plc, LU-VE Group, Mayekawa Mfg. Co. Ltd., The Danfoss Group, and United Technologies Corporation. Market players adopt product launch as their key developmental strategy to keep pace with the demands of end users. Acquisitions and expansions are the other strategies adopted by market players to expand their refrigeration system offerings and boost their production processes. This has helped companies to develop efficient products as well as expand their sales across different geographies.
Key Findings of the Industrial Refrigeration Market:
In 2017, the refrigerated warehouse segment dominated the global industrial refrigeration market, in terms of revenue, and is projected to grow at a CAGR of 6.3% during the forecast period
The ammonia-based refrigerant segment is projected to grow at a CAGR of 4.9% during the forecast period
Europe is expected to exhibit the highest CAGR during the forecast period. Countries such as UK, Germany, Russia, France, Italy, and others are expected to drive the industrial refrigeration market in the coming years.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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